35-CERT 1 a2081329z35-cert.txt 35-CERT UNITED STATES OF AMERICA SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ) The AES Corporation ) File No. 70-9465 ) Certificate Pursuant to Rule 24 and Release No. 35-27063 Under the Public Utility Holding Company Act of 1935 On August 20, 1999, the Securities and Exchange Commission ("SEC") issued an order, Release No. 35-27063 in File No. 70-9465 ("Exemption Order"), granting an exemption under Section 3(a) of the Public Utility Holding Company Act of 1935, as amended, to The AES Corporation ("AES") in relation to its proposed acquisition of CILCORP Inc. ("CILCORP"), which has a public-utility subsidiary company, Central Illinois Light Company ("CILCO"). The Exemption Order required AES to file certain certificates (as described in the Exemption Order) under Rule 24 within 60 days of the close of each calendar quarter for a period of three years beginning September 30, 1999 and every six months thereafter. A certificate complying with the Exemption Order is set forth below (as an attachment) for the period ending March 31, 2002. AES is separately filing a certificate in File No. 70-9779 as required by the Commission's order in Release No. 35-27363 in connection with the AES acquisition of IPALCO Enterprises, Inc. ("IPALCO"), which has a public-utility subsidiary company, Indianapolis Power & Light Company ("IPL"). Respectfully submitted, /s/ EARLE H. O'DONNELL --------------------------- Earle H. O'Donnell Andrew B. Young Hugh E. Hilliard Dewey Ballantine LLP 1775 Pennsylvania Avenue, N.W. Washington, D.C. 20006 Dated: May 30, 2002 THE AES CORPORATION SEC FILING PURSUANT TO SECTION 3(a)(5) EXEMPTION ORDER QUARTER ENDED MARCH 31, 2002 ITEM (1) PER EXEMPTION ORDER (STATEMENTS ATTACHED): 1) Statement of Income of The AES Corporation for the 12 months ended March 31, 2002: a) 12 months ended March 31, 2002 GAAP consolidated income statement b) 12 months ended March 31, 2002 pro rata consolidated income statement 2) Balance Sheet of The AES Corporation at March 31, 2002 a) GAAP Basis Consolidated Balance Sheet b) Pro Rata Consolidated Balance Sheet 3) Statement of Income of CILCORP for the 12 months ended March 31, 2002 4) Statement of Income of CILCO for the 12 months ended March 31, 2002 5) Consolidated Balance Sheet of CILCORP at March 31, 2002 6) Consolidated Balance Sheet of CILCO at March 31, 2002 THE AES CORPORATION CONSOLIDATED STATEMENT OF OPERATIONS (INCLUDES CILCO AND IPALCO) FOR THE TWELVE MONTHS ENDED MARCH 31, 2002 - GAAP BASIS (UNAUDITED)
-------------------------------------------------------------------------------- YEAR ENDED ($ in millions) 3/31/02 -------------------------------------------------------------------------------- REVENUES: Sales and services $ 9,554 OPERATING COSTS AND EXPENSES: Cost of sales and services 7,161 Selling, general and administrative expenses 133 ------- TOTAL OPERATING COSTS AND EXPENSES 7,294 ------- OPERATING INCOME 2,260 OTHER INCOME AND (EXPENSE): Interest expense, net (1,527) Other income 76 Equity in earnings of affiliates (before income tax) 154 Nonrecurring severance and transaction costs (37) Loss on sale of investment (57) ------- INCOME BEFORE INCOME TAXES AND MINORITY INTEREST 869 Income tax provision 271 Minority interest 61 ------- INCOME FROM CONTINUING OPERATIONS 537 Loss from operations of discontinued components (net of income taxes) (215) ------- INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE 322 Cumulative effect of accounting change (net of income taxes) (473) ------- NET INCOME/(LOSS) $ (151) =======
2 THE AES CORPORATION CONSOLIDATED STATEMENT OF OPERATIONS (INCLUDES CILCORP AND IPALCO) FOR THE TWELVE MONTHS ENDED MARCH 31, 2002 - PRORATA BASIS (UNAUDITED)
-------------------------------------------------------------------------------- YEAR ENDED ($ in millions) 3/31/02 -------------------------------------------------------------------------------- REVENUES: Sales and services $ 10,535 OPERATING COSTS AND EXPENSES: Cost of sales and services 7,895 Selling, general and administrative expenses 148 -------- TOTAL OPERATING COSTS AND EXPENSES 8,043 -------- OPERATING INCOME 2,492 OTHER INCOME AND (EXPENSE): Interest expense, net (1,564) Other income (44) Nonrecurring severance and transaction costs (37) Loss on sale of investment (57) -------- INCOME BEFORE INCOME TAXES 790 Income tax provision 253 -------- INCOME FROM CONTINUING OPERATIONS 537 Loss from operations of discontinued components (net of income taxes) (215) -------- INCOME BEFORE CUMULATIVE EFFECT OF ACCOUNTING CHANGE 322 Cumulative effect of accounting change (net of income taxes) (473) -------- NET INCOME/(LOSS) $ (151) ========
3 THE AES CORPORATION GAAP BASIS CONSOLIDATED BALANCE SHEET (INCLUDES CILCORP AND IPALCO) MARCH 31, 2002 ($ in millions, unaudited)
ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,313 Short-term investments 573 Accounts receivable, net 1,987 Inventory 550 Receivable from affiliates 9 Deferred income taxes 289 Prepaid expenses and other current assets 1,136 Current assets of discontinued operations 52 --------- TOTAL CURRENT ASSETS 5,909 PROPERTY, PLANT AND EQUIPMENT Land 1,004 Electric generation and distribution assets 23,765 Accumulated depreciation and amortization (4,337) Construction in progress 4,794 --------- PROPERTY, PLANT AND EQUIPMENT, NET 25,226 OTHER ASSETS Deferred financing costs,net 435 Project development costs 64 Investments in and advances to affiliates 1,737 Debt service reserves and other deposits 396 Goodwill 3,105 Long term assets of discontinued operations 247 Other assets 3,082 --------- TOTAL OTHER ASSETS 9,066 TOTAL $ 40,201 =========
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LIABILITIES & STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 1,388 Accrued interest 379 Accrued and other liabilities 1,488 Current liabilities of discontinued operations 240 Recourse debt-current portion 425 Non-recourse debt- current portion 3,526 -------- TOTAL CURRENT LIABILITIES 7,446 LONG-TERM LIABILITIES Non-recourse debt 15,268 Recourse debt 5,351 Deferred incomes taxes 2,051 Long term liabilities of discontinued operations 8 Other long-term liabilities 3,570 -------- TOTAL LONG-TERM LIABILITIES 26,248 Minority interest 1,270 Company-obligated convertible mandatorily redeemable preferred securities of subsidiary trusts holding solely junior subordinated debentures of AES 978 STOCKHOLDERS' EQUITY Common Stock 5 Additional paid-in Capital 5,232 Retained earnings 2,496 Accumulated other comprehensive loss (3,474) -------- TOTAL STOCKHOLDERS' EQUITY 4,259 TOTAL $ 40,201 ========
5 THE AES CORPORATION PRO RATA CONSOLIDATED BALANCE SHEET (INCLUDES CILCORP AND IPALCO) MARCH 31, 2002 ($ in millions, unaudited)
ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,361 Short-term investments 489 Accounts receivable, net 1,886 Inventory 528 Receivable from affiliates 9 Deferred income taxes 36 Prepaid expenses and other current assets 1,195 Current assets of discontinued operations 46 -------- TOTAL CURRENT ASSETS 5,550 PROPERTY, PLANT AND EQUIPMENT Land 872 Electric generation and distribution assets 24,002 Accumulated depreciation and amortization (4,264) Construction in progress 4,575 -------- PROPERTY, PLANT AND EQUIPMENT, NET 25,185 OTHER ASSETS Deferred financing costs,net 389 Project development costs 68 Investments in and advances to affiliates 1,720 Debt service reserves and other deposits 376 Goodwill 2,924 Long-term assets of discontinued operations 206 Other assets 3,783 -------- TOTAL OTHER ASSETS 9,466 TOTAL $ 40,201 ========
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LIABILITIES & STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 1,268 Accrued interest 415 Accrued and other liabilities 1,339 Current liabilities of discontinued operations 199 Recourse debt-current portion 425 Non-recourse debt - current portion 3,526 -------- TOTAL CURRENT LIABILITIES 7,172 LONG-TERM LIABILITIES Recourse debt 5,351 Non-recourse debt 15,268 Deferred income taxes 2,033 Long term liabilities of discontinued operations 8 Other long-term liabilities 4,780 -------- TOTAL LONG-TERM LIABILITIES 27,440 Company-obligated convertible mandatorily redeemable preferred securities of subsidiary trusts holding solely junior subordinated debentures of AES 978 STOCKHOLDERS' EQUITY Common Stock 5 Additional paid in capital 5,584 Retained earnings 2,496 Accumulated other comprehensive loss (3,474) -------- TOTAL STOCKHOLDERS' EQUITY 4,611 TOTAL $ 40,201 ========
7 CILCORP Inc. and Subsidiaries Consolidated Income Statement (Unaudited) Twelve Months Ended March 31, 2002
(In Thousands) Revenue: CILCO Electric $386,924 CILCO Gas 192,503 CILCO Other 105,626 Other Businesses 57,136 -------------- Total 742,189 -------------- Operating expenses: Fuel for generation and purchased power 217,496 Gas purchased for resale 157,550 Other operations and maintenance 123,014 Depreciation and amortization 82,934 Taxes, other than income taxes 38,478 -------------- Total 619,472 -------------- Fixed charges and other: Interest expense 68,141 Preferred stock dividends of subsidiary 2,159 Allowance for funds used during construction (150) Other 1,394 -------------- Total 71,544 -------------- Income from continuing operations before income taxes 51,173 Income taxes 22,038 -------------- Net income from continuing operations 29,135 Income (loss) from operations of discontinued business, net of taxes (4,389) -------------- Net income $ 24,746 ==============
8 CENTRAL ILLINOIS LIGHT COMPANY CONSOLIDATED STATEMENT OF INCOME (Unaudited) Twelve Months Ended March 31, 2002
(In Thousands) Operating Revenues: Electric $ 386,924 Gas 192,503 --------- 579,427 --------- Operating Expenses: Cost of Fuel 158,002 Cost of Gas 113,276 Purchased Power 45,859 Other Operation & Maintenance Expenses 117,152 Depreciation and Amortization 69,572 Income Taxes 5,843 Other Taxes 38,259 --------- Total Operating Expenses 547,963 --------- Operating Income 31,464 Other Income and Deductions CILCO Owned Life Insurance (1,394) Other, Net 5,050 --------- Total other income and (deductions) 3,656 --------- Income Before Interest Expenses 35,120 Interest Expenses: Interest on Long-Term Debt 17,717 Cost of Borrowed Funds Capitalized (150) Other 5,160 --------- Total interest expense 22,727 --------- Net (loss) Income Before Preferred Dividends 12,393 --------- Preferred Stock Dividends 2,159 --------- Net Income Available for Common Stock $ 10,234 =========
9 CILCORP INC. AND SUBSIDIARIES Consolidated Balance Sheets (Unaudited) As of March 31, 2002
(In Thousands) ASSETS Current Assets: Cash and Temporary Cash Investments $ 9,551 Receivables, Less Allowance for Uncollectible Accounts of $3,262 and $1,800 57,145 Accrued Unbilled Revenue 32,487 Fuel, at Average Cost 18,261 Materials and Supplies, at Average Cost 16,966 Gas in Underground Storage, at Average Cost 8,618 FAC Underrecoveries 1,255 PGA Underrecoveries 8,300 Prepayments and Other 10,064 ---------- Total Current Assets 162,647 ---------- Investments and Other Property: Investment in Leveraged Leases 135,116 Other Investments 19,820 ---------- Total Investments and Other Property 154,936 ---------- Property, Plant and Equipment: Utility Plant, at Original Cost Electric 724,704 Gas 235,245 ---------- 959,949 Less-Accumulated Provision for Depreciation 144,240 ---------- 815,709 Construction Work in Progress 56,981 Other, Net of Depreciation 23 ---------- Total Property, Plant and Equipment 872,713 ---------- Other Assets: Goodwill, Net of Accumulated Amortization of $33,753 579,211 Other 33,464 ---------- Total Other Assets 612,675 ---------- Total Assets $1,802,971 ==========
10 CILCORP INC. AND SUBSIDIARIES Consolidated Balance Sheets (Unaudited) As of March 31, 2002
LIABILITIES AND STOCKHOLDER'S EQUITY (In thousands) Current Liabilities: Current Portion of Long-Term Debt $ 26,750 Notes Payable 58,000 Accounts Payable 54,833 Accrued Taxes 12,555 Accrued Interest 27,409 Other 14,728 ---------- Total Current Liabilities 194,275 ---------- Long-Term Debt 692,392 ---------- Deferred Credits and Other Liabilities: Deferred Income Taxes 212,839 Regulatory Liability of Regulated Subsidiary 37,655 Deferred Investment Tax Credit 14,155 Other 85,953 ---------- Total Deferred Credits and Other Liabilities 350,602 ---------- Preferred Stock of Subsidiary without Mandatory Redemption 19,120 Preferred Stock of Subsidiary with Mandatory Redemption 22,000 ---------- Total Preferred Stock of Subsidiary 41,120 ---------- Stockholder's Equity: Common Stock, no par value; Authorized 10,000 Outstanding 1,000 -- Additional Paid-in Capital 518,833 Retained Earnings 14,311 Accumulated Other Comprehensive Income (Loss) (8,562) ---------- Total Stockholder's Equity 524,582 ---------- Total Liabilities and Stockholder's Equity $1,802,971 ==========
11 CENTRAL ILLINOIS LIGHT COMPANY Consolidated Balance Sheets (Unaudited) As of March 31, 2002
(In Thousands) ASSETS Utility Plant, At Original Cost: Electric $1,334,078 Gas 459,132 ---------- 1,793,210 Less-Accumulated Provision for Depreciation 1,002,428 ---------- 790,782 Construction Work in Progress 56,981 ---------- Total Utility Plant 847,763 ---------- Other Property and Investments: Cash Surrender Value of Company-owned Life Insurance (Net of Related Policy Loans of $65,314) 4,866 Other 1,112 ---------- Total Other Property and Investments 5,978 ---------- Current Assets: Cash and Temporary Cash Investments 1,843 Receivables, Less Allowance for Uncollectible Accounts of $3,262 and $1,800 57,083 Accrued Unbilled Revenue 27,565 Fuel, at Average Cost 18,261 Materials and Supplies, at Average Cost 16,280 Gas in Underground Storage, at Average Cost 8,618 Prepaid Taxes 9,219 FAC Underrecoveries 1,255 PGA Underrecoveries 8,300 Other 10,020 ---------- Total Current Assets 158,444 ---------- Deferred Debits: Unamortized Loss on Reacquired Debt 2,388 Unamortized Debt Expense 1,274 Prepaid Pension Cost 168 Other 16,602 ---------- Total Deferred Debits 20,432 ---------- Total Assets $1,032,617 ==========
12 CENTRAL ILLINOIS LIGHT COMPANY Consolidated Balance Sheets (Unaudited) As of March 31, 2002
(In thousands) CAPITALIZATION AND LIABILITIES Capitalization: Common Stockholder's Equity: Common Stock, No Par Value; Authorized 20,000,000 Shares; Outstanding 13,563,871 Shares $ 185,661 Additional Paid-in Capital 52,000 Retained Earnings 89,389 Accumulated Other Comprehensive Income (Loss) (341) ---------- Total Common Stockholder's Equity 326,709 Preferred Stock Without Mandatory Redemption 19,120 Preferred Stock With Mandatory Redemption 22,000 Long-term Debt 217,393 ---------- Total Capitalization 585,222 ---------- Current Liabilities: Current Maturities of Long-Term Debt 26,750 Notes Payable 58,000 Accounts Payable 49,509 Accrued Taxes 28,225 Accrued Interest 7,425 Dividends Payable to CILCORP 20,000 Other 14,728 ---------- Total Current Liabilities 204,637 ---------- Deferred Liabilities and Credits: Accumulated Deferred Income Taxes 103,996 Regulatory Liability 37,655 Investment Tax Credits 14,155 Other 86,952 ---------- Total Deferred Liabilities and Credits 242,758 ---------- Total Capitalization and Liabilities $1,032,617 ==========
13 ITEM (2) PER EXEMPTION ORDER (INCOME STATEMENT AMOUNTS ARE 12 MONTHS ENDED): CILCO/CILCORP CONTRIBUTIONS TO AES/CILCORP CONSOLIDATED HOLDING COMPANY (GAAP BASIS) ($MM)
---------------------------------------------------------------------------------------------- 12 MOS. 03/31/01 12 MOS. 03/31/02 ---------------------------------------------------------------------------------------------- GROSS REVENUES %-CILCO 10.36% 7.17% CILCO 781 685 AES 6,711 8,812 AES/CILCORP 7,540 9,554 ---------------------------------------------------------------------------------------------- GROSS REVENUES %-CILCORP 11.00% 7.77% CILCORP (Including CILCO) 829 742 AES 6,711 8,812 AES/CILCORP 7,540 9,554 ---------------------------------------------------------------------------------------------- NET OPERATING REVENUES %-CILCO 6.95% 5.55% CILCO 425 411 AES 5,671 6,893 AES/CILCORP 6,113 7,399 ---------------------------------------------------------------------------------------------- NET OPERATING REVENUES %-CILCORP 7.23% 6.84% CILCORP (Including CILCO) 442 506 AES 5,671 6,893 AES/CILCORP 6,113 7,399 ---------------------------------------------------------------------------------------------- OPERATING INCOME %-CILCO 5.43% 1.58% CILCO 96 42 AES 1,676 2,537 AES/CILCORP 1,770 2,660 ---------------------------------------------------------------------------------------------- OPERATING INCOME %-CILCORP 5.31% 4.62% CILCORP (Including CILCO) 94 123 AES 1,676 2,537 AES/CILCORP 1,770 2,660 ---------------------------------------------------------------------------------------------- NET INCOME %-CILCO 8.97% (6.62%) CILCO 43 10 AES 471 (176) AES/CILCORP 480 (151) ---------------------------------------------------------------------------------------------- NET INCOME %-CILCORP 1.88% (16.56%) CILCORP (Including CILCO) 9 25 AES 471 (176) AES/CILCORP 480 (151) ---------------------------------------------------------------------------------------------- NET ASSETS %-CILCO 3.06% 2.57% CILCO 1,090 1,033 AES 33,684 38,398 AES/CILCORP 35,588 40,201 ---------------------------------------------------------------------------------------------- NET ASSETS %-CILCORP 5.35% 4.48% CILCORP (Including CILCO) 1,904 1,803 AES 33,684 38,398 AES/CILCORP 35,588 40,201 ----------------------------------------------------------------------------------------------
14 CILCO/CILCORP CONTRIBUTIONS TO AES/CILCORP CONSOLIDATED HOLDING COMPANY(1) (PRO RATA CONSOLIDATION BASIS) ($MM)
---------------------------------------------------------------------------------------------- 12 MOS. 03/31/01 12 MOS. 03/31/02 ---------------------------------------------------------------------------------------------- GROSS REVENUES %-CILCO 9.27% 6.50% CILCO 781 685 AES 7,592 9,793 AES/CILCORP 8,421 10,535 ---------------------------------------------------------------------------------------------- GROSS REVENUES %-CILCORP 9.84% 7.04% CILCORP (Including CILCO) 829 742 AES 7,592 9,793 AES/CILCORP 8,421 10,535 ---------------------------------------------------------------------------------------------- NET OPERATING REVENUES %-CILCO 5.98% 4.92% CILCO 425 411 AES 6,661 7,847 AES/CILCORP 7,103 8,353 ---------------------------------------------------------------------------------------------- NET OPERATING REVENUES %-CILCORP 6.22% 6.06% CILCORP (Including CILCO) 442 506 AES 6,661 7,847 AES/CILCORP 7,103 8,353 ---------------------------------------------------------------------------------------------- OPERATING INCOME %-CILCO 4.61% 1.69% CILCO 96 42 AES 1,990 2,369 AES/CILCORP 2,085 2,492 ---------------------------------------------------------------------------------------------- OPERATING INCOME %-CILCORP 4.51% 4.94% CILCORP (Including CILCO) 94 123 AES 1,991 2,369 AES/CILCORP 2,085 2,492 ---------------------------------------------------------------------------------------------- NET INCOME %-CILCO 8.97% 1.56% CILCO 43 10 AES 471 616 AES/CILCORP 480 641 ---------------------------------------------------------------------------------------------- NET INCOME %-CILCORP 1.88% 3.90% CILCORP (Including CILCO) 9 25 AES 471 616 AES/CILCORP 480 641 ---------------------------------------------------------------------------------------------- NET ASSETS %-CILCO 2.73% 2.57% CILCO 1,090 1,033 AES 35,664 38,398 AES/CILCORP 37,568 40,201 ---------------------------------------------------------------------------------------------- NET ASSETS %-CILCORP 5.07% 4.48% CILCORP (Including CILCO) 1,904 1,803 AES 35,664 38,398 AES/CILCORP 37,568 40,201 ----------------------------------------------------------------------------------------------
-------------- (1) This schedule presents on a proforma basis, the results of operations of AES excluding the aggregate (both subsidiaries and affiliates) South American affiliates foreign currency losses of approximately $114 million after income tax and mark to market gain from FAS No. 133 of approximately $35 million after income tax. This schedule also excludes loss on discontinued operations of $215 million consisting mainly of Termocandelaria, Ib Valley, Power Direct and telecommunication businesses in Brazil, the United States and the AES Fifoots Point generation facility in the United Kingdom. In addition, effective January 1, 2002, AES adopted the SFAS No. 142, "Goodwill and Other Intangible Assets" which establishes accounting and reporting standards for goodwill and other intangible assets. The adoption of SFAS No. 142 resulted in a cumulative reduction to income of $473 million, net of income tax effects. SFAS No. 142 adopts a fair value model for evaluating impairment of goodwill in place of the recoverability model used previously. AES wrote-off the goodwill associated with certain acquisitions where the current fair market value of such businesses is less than the current carrying value of the business, primarily as a result of reductions in fair value associated with lower than expected growth in electricity consumption compared to the original estimates made at the date of acquisition. If the excluded items are taken into account, certain CILCO/CILCORP contributions to AES/CILCORP on a consolidated basis would be different as follows: (6.62%) CILCO to Net Income and (16.56%) CILCORP to Net Income. 15 ITEM (3) PER EXEMPTION ORDER - GENERATION INFORMATION: AES Generating Plants in Operation at March 31, 2002 (excluding CILCORP and IPALCO):
AES AES CAPACITY INTEREST EQUITY REGULATORY UNIT COUNTRY (MW) (%) (MW) STATUS ------- -------- -------- ----------- ---------- AES Deepwater USA 143 100 143 QF AES Beaver Valley USA 125 100 125 QF AES Placerita USA 120 100 120 QF AES Thames USA 181 100 181 QF AES Shady Point USA 320 100 320 QF AES Hawaii USA 180 100 180 QF AES Warrior Run USA 180 100 180 QF AES Somerset USA 675 100 675 EWG AES Cayuga USA 306 100 306 EWG AES Greenidge USA 161 100 161 EWG AES Westover USA 126 100 126 EWG AES Alamitos USA 2,083 100 2,083 EWG AES Redondo Beach USA 1,310 100 1,310 EWG AES Huntington Beach USA 563 100 563 EWG AES Thermo Ecotek - Hemphill USA 14 70 10 QF AES Thermo Ecotek - Whitefield USA 14 100 14 QF AES Thermo Ecotek - Mendota USA 25 100 25 QF AES Delano USA 50 100 50 QF AES Mountainview USA 126 100 126 EWG AES Medina Valley USA 47 100 47 EWG AES Ironwood USA 705 100 705 EWG AES Riverside* USA 154 100 154 EWG DOMESTIC SUBTOTAL: 7,608 7,604
* Currently in discontinued operations status.
AES AES CAPACITY INTEREST EQUITY REGULATORY UNIT COUNTRY (MW) (%) (MW) STATUS ------- -------- -------- ----------- ---------- AES Kingston Canada 110 50 55 EWG AES San Nicholas Argentina 650 69 449 EWG AES Cabra Corral Argentina 102 98 100 FUCO AES El Tunal Argentina 10 98 10 FUCO AES Sarmiento Argentina 33 98 32 FUCO AES Ullum Argentina 45 98 44 FUCO AES Quebrada de Ullum Argentina 45 100 45 FUCO AES Alicura Argentina 1,000 100 1,000 FUCO
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CEMIG - Miranda Brazil 390 21 82 FUCO CEMIG - Igarapava Brazil 210 21 44 FUCO CEMIG (35 plants) Brazil 5,068 21 1064 FUCO AES Bayano Panama 150 49 74 FUCO AES Panama Panama 42 49 21 FUCO AES Chiriqui - La Estrella Panama 42 49 21 FUCO AES Chiriqui - Los Valles Panama 48 49 24 FUCO AES Los Mina Dom. Rep. 210 100 210 EWG AES Yarra Australia 510 100 510 FUCO AES Jeeralang Australia 449 100 449 FUCO AES Mt. Stuart Australia 288 100 288 FUCO AES Xiangci - Cili China 26 51 13 FUCO Wuhu Grassy Lake China 250 25 63 FUCO Yangchun China 15 25 4 FUCO Chengdu Lotus City China 48 35 17 FUCO AES Jiaozuo China 250 70 175 FUCO AES Hefei China 115 70 81 FUCO AES Chongqing Nanchuan China 50 70 35 FUCO Yangcheng China 1050 25 263 FUCO AES Ekibastuz Kazakhstan 4,000 100 4,000 FUCO AES Ust-Kamenogorsk GES Kazakhstan 331 100 331 FUCO AES Shulbinsk GES Kazakhstan 702 100 702 FUCO AES Ust-Kamenogorsk TETS Kazakhstan 1,464 100 1,464 FUCO AES Leninogorsk TETS Kazakhstan 418 100 418 FUCO AES Sogrinsk TETS Kazakhstan 349 100 349 FUCO AES Semipalatinsk TETS Kazakhstan 1,002 100 1,002 FUCO AES Ust-Kamenogorsk Heat Nets Kazakhstan 310 Managt 0 FUCO OPGC India 420 49 206 FUCO AES Lal Pir Pakistan 351 90 316 FUCO AES PakGen Pakistan 344 90 310 FUCO AES Borsod Hungary 171 100 171 FUCO AES Tisza II Hungary 860 100 860 FUCO AES Tiszapalkonya Hungary 250 100 250 FUCO AES Elsta Netherlands 405 50 203 FUCO Medway U.K. 688 25 172 FUCO AES Indian Queens U.K. 140 100 140 EWG AES Kilroot U.K. 520 92 479 FUCO AES Belfast West U.K. 120 97 116 FUCO AES Barry U.K. 230 100 230 FUCO AES Drax U.K. 4,065 100 4,065 FUCO AES Fifoots Point U.K. 360 100 360 FUCO AES Uruguaiana Brazil 600 100 600 FUCO AES Tiete (10 plants) Brazil 2,650 53 1,405 FUCO EDC (4 plants) Venezuela 2,265 87 1,971 FUCO AES Merida III Mexico 484 55 266 FUCO AES Mtkvari Georgia 600 Managt 600 FUCO AES Khrami I Georgia 113 Managt 113 FUCO AES Khrami II Georgia 110 100 110 FUCO AES Ottana Italy 140 100 140 FUCO AES Mamonal Columbia 90 62 56 FUCO AES Chivor (Gener) Columbia 1,000 96 960 FUCO
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AES Electrica de Santiago (Gener) Chile 379 89 337 FUCO AES Energia Verde (Gener - 2 plants) Chile 37 99 37 FUCO AES Guacolda (Gener) Chile 300 49 147 FUCO AES Norgener (Gener - 2 plants) Chile 277 99 274 FUCO Itabo (Gener - 7 plants) Dom. Rep. 587 24 141 FUCO AES Bohemia Czech Rep. 50 83 42 FUCO AES SONEL Cameroon 800 51 408 FUCO Central Dique Argentina 68 51 35 FUCO AES Termoandes Argentina 633 99 627 FUCO AES Parana Argentina 845 67 566 FUCO AES Kelvin Rep. South 600 95 570 FUCO Africa Egbin Barge Nigeria 290 95 276 FUCO AES Gener Cordillera Chile 245 99 243 FUCO AES Gener Costa Chile 410 99 406 FUCO AES Haripur Bangladesh 360 100 360 FUCO FOREIGN SUBTOTAL: 42,697 32,007 TOTAL - March 31, 2002 50,399 39,611 ------ ------ Foreign Generation as a Percentage of Total: 85% 81% --- ---
CILCORP Generating Plants at March 31, 2002:
AES AES CAPACITY INTEREST EQUITY REGULATORY UNIT COUNTRY (MW) (%) (MW) STATUS ------- --------- -------- ------ ---------- Edwards (3 units) USA 740 100 740 IL PUC Duck Creek USA 366 100 366 IL PUC Indian Trails USA 10 100 10 IL PUC Sterling Avenue USA 30 100 30 IL PUC Hallock Power Modules USA 13 100 13 IL PUC Kickapoo Power Modules USA 13 100 13 IL PUC TOTAL - March 31, 2002 1,172 1,172
Revenues from electric generation capacity - 12 months ended March 31, 2002 (millions of dollars):
CILCORP 155 3% AES (excluding CILCORP)(2) 4,592 97% ----------- --------- Total 4,747 100%
------------------------ (2) Includes revenues from electric generating capacity owned by IPALCO. 18 CILCORP's electric revenues are allocated between electric generation and electric transmission and distribution activities according to utility rate base. AES generation revenues are derived from the total generation revenues earned by AES subsidiaries times the percentage ownership interest of AES in those subsidiaries. There has been no change in the amount of generation capacity owned by CILCORP and an 887 MW increase in the amount of generation capacity owned by AES (excluding CILCORP and IPALCO) from 38,724 to 39,611 MW since December 31, 2001. There has been a 3% increase in the total revenues earned from the capacity owned by AES and CILCORP in the twelve-month period ended March 31, 2002 compared with the twelve-month period ended December 31, 2001. The percentage of total revenues derived from the generation capacity owned by CILCORP has remained the same at 3%. The physical location of the MW capacity added by AES since December 31, 2001 is in: Bangladesh, Kazakhstan, Republic of South Africa, Argentina, Brazil, Chile and the United States. ITEM (4) PER EXEMPTION ORDER - ELECTRIC TRANSMISSION AND DISTRIBUTION AND GAS DISTRIBUTION: Electric transmission and distribution and gas distribution assets owned as of March 31, 2002 (millions of dollars):
CILCORP 740 Total AES (excluding CILCORP)(3) 7,041 ---------------- Total 7,781
Electric transmission and distribution and gas distribution revenues for 12 months ending March 31, 2002 (millions of dollars):
CILCORP 425 Total AES (excluding CILCORP)(4) 5,363 ---------------- Total 5,788
CILCORP's electric revenues are allocated between electric generation and electric transmission and distribution activities according to utility rate base. AES transmission and distribution revenues are derived from the total revenues earned by AES transmission --------------------- (3) Includes transmission and distribution assets owned by IPALCO. (4) Includes revenues from transmission and distribution assets owned by IPALCO. 19 and distribution subsidiaries by multiplying these revenues by the percentage ownership interest of AES in those subsidiaries. The total transmission and distribution assets owned by AES and CILCORP have increased since December 31, 2001. CILCORP's transmission and distribution assets have decreased while the revenues derived from such assets have decreased since December 31, 2001. AES' transmission and distribution assets have increased and the revenues derived from such assets have decreased since December 31, 2001. CILCORP's percentage of the total transmission and distribution assets has remained the same at 10%, and CILCORP's percentage of the total revenues from such assets has decreased from 9% to 7% for the twelve-month period ending March 31, 2002 compared to the twelve-month period ending December 31, 2001. ITEM (5) PER EXEMPTION ORDER: CILCO has not sold or transferred any electric and/or gas utility assets to any affiliate company of the AES consolidated holding company system during the first quarter of 2002. On February 13, 2002, CILCO filed with the Illinois Commerce Commission a "Notice of Transfer of Generating Assets" stating its intent to transfer substantially all of its generating assets to its wholly owned subsidiary, Central Illinois Generation, Inc. An Administrative Law Judge of the Illinois Commerce Commission issued a Proposed Order on March 29, 2002 approving the transfer, and the Commission voted to approve the transfer at a meeting on April 10, 2002. ITEM (6) PER EXEMPTION ORDER: During the first quarter of 2002, no application has been made to nor has any order been received from the Illinois Commerce Commission that involves AES' ownership position or AES' oversight over the operations of CILCO or CILCORP. SIGNATURE Pursuant to the requirements of the Public Utility Holding Company Act of 1935, as amended, AES has duly caused this certificate to be signed on its behalf on this 30th day of May, 2002 by the undersigned thereunto duly authorized. The AES Corporation By: /s/ ERIK LUCKAU --------------------- Erik Luckau Associate General Counsel 20